Guideline Value for Binny Salai

Binny Salai guideline value

The current guideline value of Binny Salai is Rs 17,500 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village under the Chennai Central Joint I SRO, classified as Residential Special Type - III.

How the guideline value of Binny Salai has changed

The guideline value for Binny Salai has seen several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 16,000 per sq.ft, which was then increased to Rs 17,500 per sq.ft in the 2024 revision, marking a change of +9%.

With the 2024 revision, the current guideline value reflects a significant increase from the previous year. The 2023 figure of Rs 16,000 per sq.ft was the last recorded before the latest revision, which has brought the value above the median for streets in Mylapore Part 2.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft, and the median is Rs 8,800 per sq.ft. Binny Salai's 2024 guideline value of Rs 17,500 per sq.ft is above this median.

• Boat Club Road: Rs 25,300 per sq.ft (2024)
• Boat Club Road 1st Avenue: Rs 25,300 per sq.ft (2024)
• Boat Club Road 2nd Avenue: Rs 25,300 per sq.ft (2024)
• Boat Club Road 3rd Avenue: Rs 25,300 per sq.ft (2024)
• Cathedral Garden Lane: Rs 8,700 per sq.ft (2024)
• Cathedral Garden Road: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Binny Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 17,500 per sq.ft, the total guideline value would be Rs 1,75,00,000. The applicable stamp duty at 7% would be Rs 12,25,000, and the registration fee at 2% would be Rs 3,50,000, bringing the total to Rs 15,75,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more specific calculations.

Which Sub Registrar Office covers Binny Salai?

The Sub Registrar Office that covers Binny Salai is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value plays a crucial role in the registration process of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Binny Salai?

The current guideline value of Binny Salai is Rs 17,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Binny Salai has seen an increase from Rs 16,000 per sq.ft in 2023 to Rs 17,500 per sq.ft in 2024, which is a +9% change. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Binny Salai?

Binny Salai is classified as Residential Special Type - III under the Chennai Central Joint I SRO.

What is the registration office for Binny Salai?

The registration office for Binny Salai is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is stamp duty calculated for properties in Mylapore Part 2?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,75,00,000, the stamp duty would be Rs 12,25,000 at a rate of 7%.